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Competitive Analysis & SWOT Analysis

Many students are already familiar with the concept of a Competitive Analysis and SWOT analysis. As you may already know, you can use both of these to help identify where your product fits within the overall marketplace. By developing both of these documents, you will help focus the approach used in planning your advertising and/or PR campaigns.

COMPETITIVE ANALYSIS

A competitive analysis involves a simple exploration of your competitors in the product category or niche that you are aiming to develop a product and campaign for.

The above template also includes a section for a related SWOT analysis. However, you might also want to create a dedicated SWOT Analysis as a separate document.

(Note: The "free" version of Xtensio has some limitations that you should be aware of if you use it to complete this project. Please see the pricing page for information on what features are supported).

SWOT ANALYSIS

In addition to understanding your competition, you should do an analysis of the key attributes and value propositions of your potential brand. A SWOT analysis can help you get a clearer understanding of your product by documenting the:

Strengths

Weaknesses

Opportunities

Threats

To do a proper SWOT analysis, you will need to really consider what the key value propositions are in relation to the overall existing marketplace. This is why both the SWOT analysis and competitive analysis are important as a starting point to your campaign. You need to KNOW your brand and the larger product category before subsequent work can begin.

For all of the above, there are useful tools that can help you gather intelligence on your competitors. One web-based tool that can help you better understand the website demographics of your competitors is: